Paris-based Sequans Communications trimmed its bitcoin (BTC) holdings by nearly half during the first quarter, selling 1,025 BTC to finance convertible debt redemptions and an ADS buyback program.
The transaction reduced the firm’s total digital asset reserves from 2,139 BTC at the end of 2025 to 1,114 BTC by the close of April, it said in a statement on Tuesday. Of the remaining bitcoin position, 817 BTC, representing over 70% of its current holdings, is pledged as collateral for $35.9 million in outstanding convertible notes.
The sales occurred alongside a 24.8% year-on-year decline in total revenue, which fell to $6.1 million in the first quarter of 2026.
According to the statement, Sequans reported an operating loss of $50.5 million for the quarter, compared to a loss of $6.8 million in the first quarter of 2025. This figure included $29.3 million in unrealized impairment losses on its bitcoin investment and $11.7 million in realized net losses from digital asset sales.
The latest sale follows earlier disposals after Sequans began accumulating bitcoin in July 2025, when CEO Georges Karam announced a plan to amass 3,000 BTC in "weeks," framing the initiative as a "long-term store of value for our shareholders."
Four months later, in November, Sequans sold approximately 970 BTC, cutting its holdings from 3,234 BTC to 2,264 BTC to redeem $94.5 million of convertible debt. Karam said at the time that the transaction was a "tactical decision" tied to balance-sheet management while maintaining the company’s bitcoin strategy.
Sequans ranks No. 40 among publicly traded companies holding bitcoin, according to Bitcoin Treasuries data. By comparison, Strategy holds 818,334 BTC, while Twenty One Capital and Metaplanet report holdings of 43,514 BTC and 40,177 BTC, respectively.
Sequans has seen its Nasdaq-listed shares decline 51.5% over the past six months to $3.01 as of Tuesday, according to Google Finance data.